Female Entrepreneurship: How to achieve success
Female Entrepreneurship: How to achieve success. Female entrepreneurship is a growing movement worldwide.
As a result of advances in guaranteeing women’s rights and on the path to equality between men and women, in addition to the celebrated diversity, it brings a paradigm shift and a desirable renewal in the business world. It is also fundamental for the generation of an entrepreneurial ecosystem that favours the emergence of new companies.
What is Female Entrepreneurship?
Female entrepreneurship involves entrepreneurial initiatives undertaken by women.
Founders of large companies, small local producers, start-ups owners, small business owners. All-female leaders are important for the development of female entrepreneurship.
Female entrepreneurship is important not only for those who decide to create a business but also helps to transform the whole community around them. It changes the dynamic of the community, employs other people, and most importantly helps in the process of accelerating community acceptance of a woman capable of being as successful as a man, in whatever she wants to be.
An entrepreneurial woman leads the way and inspires other women to open their own businesses, be financially independent, and create new market visions.
Women who undertake and achieve financial autonomy become examples of success, and many become mentors to help other businesses founded by women.
What are the challenges for women entrepreneurs?
Daily, women face big challenges while searching for their dreams. Pay inequality compared to men, difficulty reconciling home, work and family, and lack of confidence are some common problems.
Women who want to start a business can face unique difficulties, such as:
- • Preconception
- • Lack of support
- • Veiled or explicit chauvinism
- • Difficulty accessing finance
- • Motherhood
- • Reconciling responsibilities
Women’s Entrepreneurship Reports
Promoting female entrepreneurship is a key source of job creation and innovation, and a necessary step for addressing income inequality and social exclusion.
Women entrepreneurs represent about one in three growth-oriented entrepreneurs active in the world today. In its 2020/21 Women’s Entrepreneurship Report: Thriving through Crisis – released today – Global Entrepreneurship Monitor (GEM) found that globally, 30.2% of women entrepreneurs surveyed expected to hire six or more employees in the next five years compared to just 18.7% in the 2019 report. According to the new report, the percentage of men expecting to hire six or more employees in the next five years is 48%.
Every year, the number of women in Ireland who are becoming owners of their own business increases, generating jobs and income, and continuing to change preconceptions.
According to Enterprise Ireland, since the introduction in 2013 of measures targeting women, the number of women who are setting up their own businesses has grown year on year. Growth is happening at a slow pace, but most importantly, the number is always increasing.
In 2012, just eight out of 97 participating high-potential start-ups were female-led (8%) which has increased to 23.75% in 2020, when 19 of the 80 participating in the programme were female-led.
The Women’s Entrepreneurship report showed that women’s entrepreneurship is a fundamental promoting factor of inclusive economic growth in developing economies.
How to support female entrepreneurship?
Female entrepreneurship contributes to building a fairer society as it generates leadership opportunities for women.
The presence of women in business brings improvements to society, the economy and companies. Female entrepreneurship plays an important role in bridging the gap between career growth opportunities for men and women. In addition, it favours business diversity, thanks to the innovative perspectives identified by female entrepreneurs.
Funds and support for female start-ups
According to the Local Enterprise Office, approximately 1,000 women in Ireland start a business every month. There are now many state-backed programmes and private supports designed for female entrepreneurs.
Development Programmes, Funds and Supports
- Going for growth
- Dublin BIC
- Enterprise Ireland Action Plan for Women in Business
- Local Enterprise
- High Potential Start-ups (HPSUs)
- Competitive Start Fund (CSF)
- Network Ireland
- Going for growth
Supporting and investing in female entrepreneurship means helping to support the economy, modernising society, and equalising the opportunities between men and women, proving that in modern society, everyone is welcome.
Women represent the majority of the population and increasingly demonstrate their immense capacity to undertake, innovate and develop successful businesses. It is necessary, however, to fight against the structures of chauvinism and misogyny that help keep the market as it has been for centuries. You can be a part of this.
Get inspired by these 75 brilliant Irish women entrepreneurs
75 brilliant Irish women entrepreneurs going for growth in 2022
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About the author:
Juliane Camozzato is a Marketing Executive at Retail Solutions. You can follow her on LinkedIn!